Munich-based deep tech company DeepDrive has raised €30m in an oversubscribed Series B funding round.
The funding round was led by Leitmotif, an independent venture capital firm, focusing on decarbonisation.
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The funding will enable DeepDrive to prepare for series-production, meeting demand for its EV technology from eight of the world’s ten largest car makers. The investment round follows a €15m Series A fund raising in March 2023.
Other backers include existing investors, BMW i Ventures, co-pace – the corporate venture unit of Continental, UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.
Felix Poernbacher, co-founder and co-CEO of DeepDrive, said: “DeepDrive’s mission is to revolutionise the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals.
“This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are poised to fulfil the large demand from global automakers.”
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By GlobalDataDeepDrive is set to become the category leader in electric motors for the automotive industry and beyond.
With this latest capital and backing, DeepDrive is poised to convert high-volume projects in its strong customer pipeline of automakers.
The funding will also enable the deep tech company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).
DeepDrive’s technology boasts a 20% efficiency increase and significant cost reduction potential compared to benchmarks, enabling automakers to bring high-volume EVs with more than 800km of range to market.
When deployed at scale, DeepDrive’s motors claim to save automakers more than €1bn in costs.
For consumers, this will halve the price gap between internal combustion engine vehicles and EVs.
The investment comes at a critical time for the automotive industry, as it transitions to the e-mobility era.
Partnerships between established players and innovative high-tech companies, such as DeepDrive, are crucial for long-term success.
DeepDrive’s technology is also poised to save multiple gigatons of Co2 emissions by accelerating the mass adoption of EVs and significantly reducing the carbon footprint of operating them.
